Europe stocks recovery offset
by Brian Turner
Gains in the technology sector and good earnings reports from Intel and Yahoo in the U.S. did not help the European markets, which were lower at mid-afternoon on Wednesday.
The FTSE Eurofirst 300 was down 0.4 percent to 1,066.39. Frankfurt’s Xetra Dax fell 0.5 percent to 4,182.90. The CAC-40 in Paris was down 0.3 percent to 3,975.07.
In the technology sector, ASML rose 2.3 percent, Infineon was up 0.7 percent, while STMicrolectronics advanced by 0.3 percent.
Alcatel, a French telecommunications group, went up by 1.8 percent amid speculation that they were looking to strengthen their ties to Thales, the defense electronics group. Alcatel already owns 9 percent of Thales.
Things were not as positive in the pharmaceuticals sector: Roche fell 0.6 percent, Sanofi-Aventis was down 0.4 percent, and Novartes, the Swiss drug company, lost 0.1 percent, partly on a report of problems with an epilepsy drug but mostly due to the effects of profit-taking after several days of gains.
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